Jefferies Provides Update on Arena Pharmaceuticals

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Jefferies issued a note today on Arena Pharmaceuticals
ARNA
following results from a series of Lorcaserin studies. Lorcaserin is a weight-loss drug under development by Arena Pharmaceuticals. In the report, Jefferies writes, "Arena and Eisai (4523 JP,¥3,185, UNPF) provided mixed data from Lorcaserin studies of potential mechanisms for prolactin-mediated rat tumors, showing an inconsistent effect on precursors of mammary tumors but the ability to block these effects using prolactin-specific mechanisms. These data may prove favorable, but we remain cautious on lorcaserin's risk benefit profile." Jeffereies has an Underperform rating and $1.00 price target on Arena Pharmaceuticals. Shares of Arena Pharmaceuticals are currently trading at $2.02, up 5.21% from Tuesday's market close.
Posted In: Analyst ColorAnalyst RatingsJefferies
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